Duco Events directors David Higgins and Dean Lonergan have confirmed they are going their separate ways.
In a statement released on behalf of the pair tonight, the event promoters confirmed the move which was first revealed by the Herald in the aftermath of Joseph Parker's defence of his WBO world heavyweight boxing title last Saturday night.
"We had a great journey and produced some amazing results but we both agree it is time to go our separate ways," Higgins, who founded Duco Events in 2003, said.
In the statement, Lonergan said the partnership had been successful but had now run its natural course.
"I wish David all the best," he said.
The statement said their pair were "in the process of uncoupling their shared business interests".
It said that was a "complicated process that will take some time", but the process would not affect the day-to-day operations of the private events company.
It added that the pair wanted to "place on record their thanks to each other, and the commercial partners which have helped the company achieve enormous successes such as the creation of the NRL Auckland Nines, Brisbane Global Rugby Tens, along with numerous celebrity black tie dinners and the successful promotion of heavyweight boxing world champion Joseph Parker".
Parker was also quoted in the release, saying he did not believe it would have an impact on his attempt to unify the heavyweight belts.
"I'm really happy with where my career is at," Parker said.
"We've already done a significant amount of work preparing for my next fight and I am really looking forward to it. For me, it's business as usual."
It is understood Parker has up to a year and a half left on his contract with Duco.
The Herald understands Parker is very close to Higgins and if he was to continue to want to be managed by either of Duco's current directors, it would be Higgins he would opt to go with.
But other boxing promoters - including those in the UK and America - are expected to be watching the Duco developments closely and could make a play for Parker's signature given his title-holding status.
A source said the time-frame for the "uncoupling process" could take some time.
A value of Duco would have to be agreed upon, and one party will have to pay the other out.
On Monday, the Herald reported that Parker's management team looked set for an overhaul, amid rumours that Higgins and Lonergan were set to part ways.
The Herald reported it was understood there had been friction between Higgins and Lonergan for some time, and that the pair may have come to the realisation that they can no longer work together.Several big sponsors have left Duco, including Burger King's estimated $350,000-per-fight commitment, and last weekend's world title fight against Razvan Cojanu was moved from Spark Arena in downtown Auckland to the much smaller and cheaper Vodafone Events Centre.
Parker was initially set to fight Hughie Fury, who was a late withdrawal and Cojanu took up a late offer to fight off for the world title.